If you believe banks will work with Bitcoin, you're delusional - page 3.

Juggy777

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Quote from: Elwar on October 07, 2016, 03:53:28 AM

I see this often "banks should start working with Bitcoin users since that's where things are headed, why not cooperate?".

If you think your bank is going to keep your bitcoins in some account then you can use your debit card to convert to dollars at the point of sale then you don't really understand the main revenue of banks.

Banks hold your dollars in their bank accounts. They then turn around and leverage your dollars in their account by 10 times to issue loans to people where they get their main revenue.

If people are holding their funds in bitcoins and only using banks as a transaction medium the bank is not making much money.

Don't expect banks to embrace Bitcoin. The reason they're all creating their own "blockchains" is so they can make it so that they can hold your funds and leverage it.

Every central bank warning about Bitcoin is another central bank realizing that they are going to lose if people start using Bitcoin.

One can't blame the bankers totally they are not here to do charity, and they have realised Bitcoin is more powerful than anything and what bankers can't understand they are afraid of. So what bankers could do is charge a small % and accept Bitcoin, this would make Bitcoin more easier to use for local masses. How ever asking banks to choose Bitcoin over Fiat is a big move that won't happen soon.

yayayo

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Quote from: Sir Alpha_goy on December 20, 2016, 09:34:34 PM

Bitcoin loves banks loving blockchain and Banks love Bitcoin pricing itself in fiat and cheering about it.

FIAT IS NOT MONEY IT IS DEBT.

YOU ARE PRICING YOUR CURRENCY IN DEBT NOTES YOU FOOLS.

YOU NEED TO START PRICING IT IN TERMS OF REAL MONEY.

You are trying to hard to be like them.

They have you cornered.

Come on, this is becoming ridiculous. Just because people exchange their fiat debt notes into Bitcoin and are quoted prices doesn't mean that Bitcoiners are being "cornered".

Fiat money is still the dominant form of money out there. Precious metals are quoted in fiat money as well. It's pure information on conversion between different forms of money. You can't infer from this simple information that people are attached to fiat money.

There are some speculators that just buy Bitcoin for trading purposes and want to realize "gains" in fiat. But those are not representative of the typical Bitcoiner.

It would be nice, if you could first think before you writing such utter nonsense.

ya.ya.yo!

Elwar

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Quote from: michellee on December 20, 2016, 09:16:09 PM

Quote from: btcdevil on December 20, 2016, 07:21:35 PM

Quote from: Elwar on October 07, 2016, 03:53:28 AM

I see this often "banks should start working with Bitcoin users since that's where things are headed, why not cooperate?".

If you think your bank is going to keep your bitcoins in some account then you can use your debit card to convert to dollars at the point of sale then you don't really understand the main revenue of banks.

Banks hold your dollars in their bank accounts. They then turn around and leverage your dollars in their account by 10 times to issue loans to people where they get their main revenue.

If people are holding their funds in bitcoins and only using banks as a transaction medium the bank is not making much money.

Don't expect banks to embrace Bitcoin. The reason they're all creating their own "blockchains" is so they can make it so that they can hold your funds and leverage it.

Every central bank warning about Bitcoin is another central bank realizing that they are going to lose if people start using Bitcoin.

Perfectly said about bank and bitcoin, because bank operation is to utilize the money deposited in their bank from the account holders to some good revenue generating so that from that revenue they can maintain their expenses cost and give interest to account holders. because without revenue generating they cannot run the bank with their own pocket money.

But it is also true that Bank and Bitcoin are both different ways of system. Bank is used to run all your business transaction with fiat currency and bitcoin is mainly used for investment and online shopping and online work

but what will be happen if bank is adopted blockchain technology? is it be good for bank to work with bitcoin? because we see that bitcoin is made simple transaction to do without to give our details, but in bank we need to give our details in transaction. beside that, the fee is the mostly problem for bank which is higher than bitcoin.

i believe that in someday, bank will be learn about blockchain technology and if they can learn and know about the benefit of blockchain technology, i am sure the bank will be adopt it into their technology so the bank will work with bitcoin.

This is very flawed thinking. A bank cannot adopt the blockchain without making it a currency (don't tell them, let them waste their resources). A blockchain exists because miners are rewarded. This is the only way the double spend is solved. The only way a bank can survive is to become an exchange and then become a bitcoin service like blockchain.info.

Sir Alpha_goy

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Bitcoin loves banks loving blockchain and Banks love Bitcoin pricing itself in fiat and cheering about it.

FIAT IS NOT MONEY IT IS DEBT.

YOU ARE PRICING YOUR CURRENCY IN DEBT NOTES YOU FOOLS.

YOU NEED TO START PRICING IT IN TERMS OF REAL MONEY.

You are trying to hard to be like them.

They have you cornered.

Sir Alpha_goy

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Quote from: yayayo on October 07, 2016, 08:09:28 AM

Quote from: Elwar on October 07, 2016, 05:02:21 AM

Quote from: dreamer81 on October 07, 2016, 05:01:11 AM

Banks will never support Bitcoins, BUT, banks will in time develop their own cryptocurrencies.

Imagine Bank of England making it's own crypto currency, and BACKING it up with sterling pounds. Then you will see the bitcoin prize go to 0.

Banks will only create centralized blockchains. They will fail.

I'm thinking exactly the same. Banks have nothing to gain from Bitcoin. Bitcoin is simply destroying their main business and bereaving them of their power as actors in the fiat money Ponzi scheme. However they still haven't realized it and think they are smarter and offering a more attractive solution by marketing their own centrally controlled altcoins.

Backing a privately controlled altcoin is totally irrelevant and doesn't render it a better alternative. Especially not if "backing" is done with fiat currencies. Fiat is junk money, created from debt issuance and backed by nothing except loose references to faith in god...

ya.ya.yo!

That same fiat junk money that you all can't stop pricing your asset in.

"Bitcoin reached $800!"
https://bitcointalksearch.org/topic/bitcoin-reached-800-and-marketcap-is-now-over-13b-1723109

When are you gonna learn?

They already won when you started pricing your asset in debt notes.

I have shown you the answer.

Will you wise up and take it?

Xester

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Bitcoin banks are actually operating right now. The online wallets and the escrow wallets are actually bitcoin banks wherein we can store our bitcoins and convert it to cash. But if you are talking about how the banks use our money and loan them and they are the only one earning, well thats possible with bitcoin too, there are already loan sites online which lends you bitcoin but with a certain interest and is more greedy than the real banks. In short if banks will decide to create a bitcoin bank that is very possible, they will set-up online wallets wherein you can store your bitcoins, in every transaction there are fees and you can even loan bitcoins on that site. You can also automatically convert bitcoin to cash if you use their site.

The reason why banks did not integrate bitcoin is because of the number of users. Banks are limited to their local counterparts and if the local area is not at least 40% of the population using bitcoin then it is not feasible and a gamble.

michellee

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Quote from: btcdevil on December 20, 2016, 07:21:35 PM

Quote from: Elwar on October 07, 2016, 03:53:28 AM

I see this often "banks should start working with Bitcoin users since that's where things are headed, why not cooperate?".

If you think your bank is going to keep your bitcoins in some account then you can use your debit card to convert to dollars at the point of sale then you don't really understand the main revenue of banks.

Banks hold your dollars in their bank accounts. They then turn around and leverage your dollars in their account by 10 times to issue loans to people where they get their main revenue.

If people are holding their funds in bitcoins and only using banks as a transaction medium the bank is not making much money.

Don't expect banks to embrace Bitcoin. The reason they're all creating their own "blockchains" is so they can make it so that they can hold your funds and leverage it.

Every central bank warning about Bitcoin is another central bank realizing that they are going to lose if people start using Bitcoin.

Perfectly said about bank and bitcoin, because bank operation is to utilize the money deposited in their bank from the account holders to some good revenue generating so that from that revenue they can maintain their expenses cost and give interest to account holders. because without revenue generating they cannot run the bank with their own pocket money.

But it is also true that Bank and Bitcoin are both different ways of system. Bank is used to run all your business transaction with fiat currency and bitcoin is mainly used for investment and online shopping and online work

but what will be happen if bank is adopted blockchain technology? is it be good for bank to work with bitcoin? because we see that bitcoin is made simple transaction to do without to give our details, but in bank we need to give our details in transaction. beside that, the fee is the mostly problem for bank which is higher than bitcoin.

i believe that in someday, bank will be learn about blockchain technology and if they can learn and know about the benefit of blockchain technology, i am sure the bank will be adopt it into their technology so the bank will work with bitcoin.

yayayo

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Quote from: Elwar on October 07, 2016, 03:53:28 AM

I see this often "banks should start working with Bitcoin users since that's where things are headed, why not cooperate?".

[...]

People, who really think this way have not understood what Bitcoin is all about. Bitcoin is about being your own bank. Bitcoin stands against banking from its deepest core. The message engraved into the Genesis Block is unequivocal in that regard.

Of course banks will not cooperate and start working with Bitcoin, because when Bitcoin is successful, there will be nothing to earn for them. Bitcoin makes banks in their current form entirely expendable. In a world where fiat money is no longer widely used and replaced by native Bitcoin transactions, there will be no business for banks any more.

That's why bank officials are currently experiencing painful cognitive dissonance when it comes to Bitcoin, which they seek to reduce by engaging in various form of private Blockchain nonsense.

ya.ya.yo!

btcdevil

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Quote from: Elwar on October 07, 2016, 03:53:28 AM

I see this often "banks should start working with Bitcoin users since that's where things are headed, why not cooperate?".

If you think your bank is going to keep your bitcoins in some account then you can use your debit card to convert to dollars at the point of sale then you don't really understand the main revenue of banks.

Banks hold your dollars in their bank accounts. They then turn around and leverage your dollars in their account by 10 times to issue loans to people where they get their main revenue.

If people are holding their funds in bitcoins and only using banks as a transaction medium the bank is not making much money.

Don't expect banks to embrace Bitcoin. The reason they're all creating their own "blockchains" is so they can make it so that they can hold your funds and leverage it.

Every central bank warning about Bitcoin is another central bank realizing that they are going to lose if people start using Bitcoin.

Perfectly said about bank and bitcoin, because bank operation is to utilize the money deposited in their bank from the account holders to some good revenue generating so that from that revenue they can maintain their expenses cost and give interest to account holders. because without revenue generating they cannot run the bank with their own pocket money.

But it is also true that Bank and Bitcoin are both different ways of system. Bank is used to run all your business transaction with fiat currency and bitcoin is mainly used for investment and online shopping and online work

Elwar

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Goldman (Sachs) a lead investor in funding round for Bitcoin startup Circle:
http://www.wsj.com/article_email/goldman-a-lead-investor-in-funding-round-for-bitcoin-startup-circle-1430363042-lMyQjAxMTA1NzMyMDgzODA2Wj

Circle CEO Allaire: It’s Highly Unlikely We’ll Be Using Bitcoin in 5 or 10 Years
http://coinjournal.net/circle-ceo-allaire-highly-unlikely-well-using-bitcoin-5-10-years/

Bitcoin Seller Circle No Longer Selling Bitcoin
http://news.dinbits.com/2016/12/bitcoin-seller-circle-no-longer-selling.html

MingLee

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Banks might work with Bitcoin in the future, however they will likely be resistant to it because, as you said, they will not have the capacity to make as much money off of a system that requires you to prove the finite quantity you have. There will be no way that the banks will be able to loan out as much as they currently do.

tyz

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I think that governments have to acknowledge Bitcoin when a large number of people want to use it. Probably it seems naive. But look at some developments in Europe (Italy, France, Sweden, ...). Populist parties achieve 10% and more on elections and the government of the corresponding country is suddenly accepting their positions (best example is Britain at the moment). I believe this could also happen to alternative payments like Bitcoin when people want that.

Quote from: randy8777 on October 07, 2016, 06:39:09 AM

Quote from: tyz on October 07, 2016, 05:39:11 AM

Counter question.

What if, when Bitcoin is getting this popular and adapted by people so that banks and regulators do not have an other choice to work with Bitcoin?

it won't come that far. i am quite sure that governments will step into action to make further growth of bitcoin impossible by implementing all kinds of ridiculous policies. that's of course assuming bitcoin is growing too large.

Barbut

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I agree with op statement, I agree that banks will not accept bitcoin, and it's more possible they to create some new alt coin.
OP is right about way how the banks work and how they male profit, with bitcoins they can't do nothing, they can't control founds like they can with fiat. It's question is it better for them to invest in bitcoin, or in new altcoin, I guess they will do their research, they have enough money to invest in what ever they wish, we can just wait and see results.

hawkins

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Well, I guess someday it really happened. if bitcoin into something big, most likely will work with bitcoin so that the bank does not disappear. bitcoin will have something new each year, while the bank is not so likely bitcoin will become larger than the bank.

Tanic

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I think it is pretty possible. Bitcoin is getting it's popularyty this days. This is crypto currency and today they are getting more and more stronger. There is an app called Apple Buy, with this app you can buy things without paper money and cars, all transactions made through the net. And I heard that MasterCard is also creading something like that, paymeth through salfy! So i think banks will start interested in crypto currencies cause of that very soon.

QuestionAuthority

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Yakamoto

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Quote from: calkob on October 08, 2016, 09:42:11 AM

Quote from: Elwar on October 07, 2016, 03:53:28 AM

I see this often "banks should start working with Bitcoin users since that's where things are headed, why not cooperate?".

If you think your bank is going to keep your bitcoins in some account then you can use your debit card to convert to dollars at the point of sale then you don't really understand the main revenue of banks.

Banks hold your dollars in their bank accounts. They then turn around and leverage your dollars in their account by 10 times to issue loans to people where they get their main revenue.

If people are holding their funds in bitcoins and only using banks as a transaction medium the bank is not making much money.

Don't expect banks to embrace Bitcoin. The reason they're all creating their own "blockchains" is so they can make it so that they can hold your funds and leverage it.

Every central bank warning about Bitcoin is another central bank realizing that they are going to lose if people start using Bitcoin.

Your right Banks wont work with bitcoin, because there wont be any banking the way we know it today when bitcoin is adopted

No, banking will still exist in a relatively similar manner to what we see now even if Bitcoin is accepted globally and becomes one of the biggest things a lot of people are using. The only thing that will noticeably change will be fractional reserve banking, and even then they might find a way around that.

But banks will not just bend over and accept Bitcoin at all.

calkob

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Quote from: Elwar on October 07, 2016, 03:53:28 AM

I see this often "banks should start working with Bitcoin users since that's where things are headed, why not cooperate?".

If you think your bank is going to keep your bitcoins in some account then you can use your debit card to convert to dollars at the point of sale then you don't really understand the main revenue of banks.

Banks hold your dollars in their bank accounts. They then turn around and leverage your dollars in their account by 10 times to issue loans to people where they get their main revenue.

If people are holding their funds in bitcoins and only using banks as a transaction medium the bank is not making much money.

Don't expect banks to embrace Bitcoin. The reason they're all creating their own "blockchains" is so they can make it so that they can hold your funds and leverage it.

Every central bank warning about Bitcoin is another central bank realizing that they are going to lose if people start using Bitcoin.

Your right Banks wont work with bitcoin, because there wont be any banking the way we know it today when bitcoin is adopted

Red-Apple

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i don't really see the point of it either. i say bitcoin was created to help us get rid of banks so why some people insist on going back to the old system is beyond my understanding.

Quote from: Elwar on October 07, 2016, 03:53:28 AM

Banks hold your dollars in their bank accounts. They then turn around and leverage your dollars in their account by 10 times to issue loans to people where they get their main revenue.

don't you think banks can do the same thing with bitcoin in people's accounts and generate an additional revenue?

Daniel91

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Quote from: Elwar on October 07, 2016, 03:53:28 AM

I see this often "banks should start working with Bitcoin users since that's where things are headed, why not cooperate?".

If you think your bank is going to keep your bitcoins in some account then you can use your debit card to convert to dollars at the point of sale then you don't really understand the main revenue of banks.

Banks hold your dollars in their bank accounts. They then turn around and leverage your dollars in their account by 10 times to issue loans to people where they get their main revenue.

If people are holding their funds in bitcoins and only using banks as a transaction medium the bank is not making much money.

Don't expect banks to embrace Bitcoin. The reason they're all creating their own "blockchains" is so they can make it so that they can hold your funds and leverage it.

Every central bank warning about Bitcoin is another central bank realizing that they are going to lose if people start using Bitcoin.

Banks can still make some revenues through the exchange rates.
In fact, main problem (for the banks) is that Bitcoin is not regulated in the financial market.
Bitcoin is not recognized by the law as financial asset or official money (in the most countries).
So, even if some banks consider to offer Bitcoin, there is no way to do it legally.

Topic: If you believe banks will work with Bitcoin, you're delusional - page 3. (Read 4107 times)